Upi Lite: Now UPI LITE users will not need to disable it to remove their balance. The National Payments Corporation of India (NPCI) has directed the bank, payment service provider (PSP) and UPI Lite-enabled apps to implement the ‘Transfer Out’ feature by 31 March 2025 in a new circular.
Will UPi Lite change for users? A?
Till now the UPI Lite Wallet had only the facility to add money, but did not have the option to withdraw or transfer back to the bank. To use the balance, users had to first disable the UPI Lite, after which their remaining balance used to return to the bank account.
Now with the new ‘transfer out’ feature, users will be able to take their balance back to their linked bank account without disableing UPI Lite. NPCI has fixed ‘Purpose Code 46’ to identify this transaction.
These will be new updates in UPI Lite
Now the bank will have to match the Lite Reference Number (LRN) balance with NPCI data. Now it will be more secure than before, because apps, biometric authentication or pattern lock will now be compulsory in the apps that use UPI Lite so that unauthorized access can be prevented.
How to do UPI Lite Activate?
Open the UPI app on your smartphone.
Choose the option to enable UPI Lite.
Accept the conditions and terms.
Enter the amount to add to the wallet.
Pay on linked bank account.
Put the UPI PIN and authenticate.
After activation, users will be able to pay small amounts without adding UPI PIN. This feature will give more flexibility and control to users. They will be able to transfer money to their main UPI account or any other linked bank account if needed. This will make small and repeated transactions easier and will make the UPI Lite more convenient.
Da Hike: On March 5, the government will announce to increase dearness allowance! 1 crore employees-pension